Managed futures strategies are benefiting from divergent sector moves, as tech-heavy Nasdaq futures correct while energy contracts rally. Current CFTC positioning reports indicate funds are increasing long exposure in metals and short U.S. Treasuries, reflecting conviction in continued rate pressures. “He went over everything with a fine-toothed comb,” Kathay Feng, the former president of Common Cause, told the New York Times in 2010 . “But it forced us to do our homework. He’s a thoughtful, geeky guy.” Investment in Fidelity Managed Futures Cayman Ltd., an unregistered subsidiary, is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. The value of commodities and commodity-linked investments may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures. Non-diversified funds that focus on a relatively small number of stocks tend to be more volatile than diversified funds and the market as a whole. These alternative investment strategies may not be suitable for all investors and are not intended to be a complete investment program for any investor. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information. Before investing in any exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, offering circular or, if available, a summary prospectus containing this information. Read it carefully. # # # Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917 Fidelity Distributors Company LLC 900 Salem Street, Smithfield, RI 02917 National Financial Services LLC, Member NYSE, SIPC 245 Summer Street, Boston, MA 0211 1208063.1.2 ©2025 FMR LLC. All rights reserved. Institutional survey data shows growing confidence in managed futures for Q3, with expectations tied to persistence in macro divergences across asset classes. These forecasts align with recent CTA performance benchmarks.